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EUR/USD climbed back to 1.1800 on Friday

Information is not investment advice

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Ichimoku Kinko Hyo

USD/JPY: The USD/JPY pair is trading between the Kijun sen and Tenkan sen level. A decisive movement to the south will lead the currency pair to retest the previous bottom and even lower.

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European Market View

The key focus this week is Fed Chair Powell's speech and US retail sales tomorrow, Fed minutes from the July meeting on Wednesday, which also brings euro area core inflation for July.

In China, growth in industrial production fell to 6.4% y/y in July, which was slower than in June and below the consensus expectation.

 In the US consumer confidence measured in the survey from University of Michigan dropped sharply in August reflecting both a drop in sentiment around current conditions and the future. Consumer inflation expectations remain elevated.

 In the equities space, Friday completed a week with five consecutive days of rising indices. Several indicators have started to fade which typically leads to a more challenging environment for equities. However, the small move higher on Friday secured a new all-time high in many indices not least in the US.

Asian markets are mostly lower this morning led by Japan falling almost 2%. The Delta variant keeps spreading in Japan and Chinese data this morning are on the weak side. Both European and US futures signalling a lower start to the week.

In the FX space, EUR/USD climbed back to 1.1800 on Friday after consumer confidence disappointed.

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Bulls Are Coming Back

The US dollar index rose to 105.40 after the Fed’s 75-basis-point key rate hike, while the stock and the crypto markets fell. However, during the past few days, investors and traders returned to risk assets as they expect inflation growth to slow. Moreover, Jerome Powell, the head of the Federal Reserve, announced the Fed might start cutting the key rate by 2024, which is the most evident hint of an upcoming market reversal.

What to trade on June 20-24?

Last week was shocking!  The US dollar gained more than 2% against other currencies ahead of the 75-basis points rate hike by the Federal Reserve on Wednesday but dropped after the announcement…

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